Boosted by a weaker dollar and concerns about a recession due to the intensifying trade war between the United States and China, gold gained nearly 2% and surpassed the key $3,200 mark on Friday.

The spot gold price jumped 1.7% to $3227.39 per ounce at 10:20 GMT, after reaching a record high of $3,237.56 in early trading. The gold price has increased by more than 6% since the start of the week. U.S. gold futures climbed more than 2% to $3,246.30

Spot gold continued its surge from last year, reaching several records and gaining nearly 21% since the start of the year, driven by uncertainties, demand from central banks, and increased flows to gold-backed exchange-traded funds.

Spot silver gained 0.8% to $31.46 per ounce, while platinum rose 0.3% to $940.45. Palladium jumped 2.05% to $927.29